Most asking prices are slightly inflated, because everyone who sells knows that everyone who buys expects some price concession. So, while $82,900 is too high a price, $68,900 may be too low. Based on standard condo seller concessions in today's market, expect a seller concession on price in the range of 5-12%, depending upon where the condo is located and how many others are for sale around it. The less desirable the location, and the more units around the area that are for sale, the higher the concession is likely to be.
The walk-up reduction factor
This condo is on the second floor, which means it is a walk-up unit. In a 55+ community, this factor tends to bring prices down. People who are very close to 55+ don't worry about stairs. People who are 20 years older than that may take that factor into consideration.
This condo is not located on the ocean or the intracoastal, so view and location do not affect its value on a positive basis.
It is located inland inland on a second floor with no special amenities
When you negotiate price with the owner, you may want to take those factors into consideration when you make your offer.
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
Boca Lago is a fantastic 55+ community with a wonderful golf club that is not mandatory. And if you are a golfer or tennis fanatic the facilities offer true value for a private club. There are different neighborhoods within the community. Most are east of Lyons Road but there are two neighborhoods, The Pines and The Cypresses that are west of Lyons but still easy access to the club. Some residents love The Fairways and The Greens as they have the best proximity to the clubhouse.
The real estate market in Boca Logo has been rather strong. Over the last 6 months there have been 42 sales in the various neighborhoods ranging from $55,000 for 2/2 units in the Vista Fairway and Cypress neighborhoods up to $250,000 for 3/2 town home in the Fairway neighborhood. The median priced sale during this time was $84,500 which was up $4,500 from numbers I ran on December 9th of last year and reflects prices increasing throughout the area.
The home you are inquiring about at 8545 Casa Del Lago #H has been on the market for 96 days and made one $7,000 price reduction back on January 4th. With strong sales the market, to date, is saying the unit is priced too high. Keep in mind there are many factors that affect a units value, condition, view, size, features and most importantly seller motivation. The home is in The Fairways where we have had 11 sales over the past 6 months and another 9 homes under contract as of this morning. With only 5 active listings we have less than 3 months and signals a sellers market with pricing pressure to the upside. I have a complete analysis of the neighborhood and if you would like to tour the unit, or any of my other favorites in Boca Lago please feel free to give me a call and we can set something up at a convenient time. We can discuss a suitable offer after a careful review of all the metrics and the units specifics.
Whether you are looking for a private club experience or just your perfect home in the Florida sun you are best suited to be working with a RealtorÂ® who is looking out for your best interests in this constantly changing market. A very clear description of your specific requirements is the best place to start and if I can be of service to you and your family I would appreciate the opportunity to be one of the buyers agents you may choose to interview. We cover all of Palm Beach and Martin Counties and are experts in finding our clients that "needle in the haystack.
Best of luck and if I can offer anything additional please let me know.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
Patricia Prosje P.A
A1 Florida Real Estate
As you can see there Are different factors in making an offer. I along with the other realtors would love to help you make an offer to help you purchase the property. Please call and talk to a few of us and decide who you would like to work with. Please feel free to call me if you have any questions.
REMAX COMPLETE SOLUTIONS
as previously mentioned, a lot depends on several factors, such as upgrades to the unit, the condition of the apartment, etc. additionally, and most important is the seller's motivation.
when making your offer, respectfully tell the owner that your offer of XYZ is based upon the comps, and DO NOT speak negatively of the unit, as you may very well insult them:
"based on units A,B,C which sold for...one of which was similar to yours, but the others having marble floors and granite counters when yours does not..."
my email address is firstname.lastname@example.org. if you'd like, I can send you the comps and you can better prepare your offer.
hope that helps,
Are you working with a Realtor? If so, he/she should be able to help you determine what you should offer for that property based on the sales in that community. It is difficult for any realtor that has not seen the condition of the unit to tell you how much you should offer, i.e., the condition of the a/c, the appliances, kitchen cabinets, etc. The last one that I found that was sold in Fairways closed in May 2012 for $72,000.
Please contact me if I can see of further assistance. Thank you.
Realtor & Lic. Community Association Manager
East Coast Realty Group LLC